As 2024 nears its home stretch, the cryptocurrency market has witnessed notable performers defying volatility and generating notable gains. These high-yield coins achieved their status due to strategic developments, adoption milestones, and increasing buying pressure, driving notable price increases.
In this analysis, BeInCrypto presents the top five cryptocurrencies of 2024 and reveals the factors that drove their success. The article also checks whether these assets can maintain their momentum and make similar gains in 2025.
MANTRA (OM)
OM, the native token of the MANTRA layer 1 blockchain, is at the top of the top-performing altcoins in 2024. This year, the MANTRA price has increased by 9,445%. This massive price increase could be related to the growing demand for coins linked to the Real World Assets (RWA) narrative, under which MANTRA falls.
For many, RWAs have the potential to unlock wealth for investors around the world. As a result, MANTRA participated in several collaborations, which increased the demand for OM. At the beginning of the year, the price of OM was around $0.040.
However, it rose to an all-time high of $4.60 on December 11. Currently, OM is down 22.25% from that high and is trading at $3.58. On the daily chart, OM hit a new all-time high almost every time it breaks out of a descending triangle.
As seen above, this occurred in June. Something similar happened between November and December. Since the token forms a similar trend, there is a chance it could rise again. If that happens, then the price could rise to $5.50 in the first weeks of 2025.
Mantra Coin (OM) Daily Analysis. Source: TradingView
However, if demand for RWA tokens declines, this may not happen. Instead, the value could fall below $2.50.
Mog Coin (MOG)
Second place on the list of top performing coins in 2024 is Mog Coin. MOG is an Ethereum-based meme coin whose price has increased by 5,337% this year. For context, the Ethereum blockchain didn’t have many meme coins this year.
But for MOG, it stood out and reached an all-time high of $0.0000040 on December 6. At press time, the token is trading at $0.0000022 and has recently fallen 47.70% from that peak.
From a technical point of view, the daily chart shows that the Awesome Oscillator (AO) has fallen into the negative region. The AO uses recent and historical price movements to measure momentum.
Mog Coin daily analysis. Source: TradingView
When the reading is positive, the momentum is bullish. But since it is negative, the momentum around MOG is bearish. If it holds, the value of the meme coin could fall to $0.0000016. However, if buying pressure increases, the prediction could be invalidated in the short term.
Popcat (POPCAT)
Another meme coin on the list of best performing coins of 2024 is POPCAT. As the name suggests, POPCAT is a cat-themed meme coin. But unlike MOG, it is built on Solana.
This year, the value of POPCAT has increased by 3,169%. However, it was initially more than that, especially during the second quarter of the year.
But a notable sell-off has forced the price of the meme coin to drop to $0.73.
At $0.73. POPCAT is 64% below its all-time high of $2.05. On the daily chart, the token appears close to the oversold region. This is because the Relative Strength Index (RSI), which measures momentum, has dropped to 32.20.
For context, a cryptocurrency becomes overbought when the RSI reaches 70.00 or higher. It is oversold when it falls below 30.00. Therefore, it appears that the Solana meme coin is nearing the end of its correction.
Popcat daily analysis. Source: TradingView
If validated, then the coin’s value could bounce towards $1.28 as long as there is buying pressure. Next year, the value of the meme coin could be higher if demand continues to increase. However, if the overall market falls into a bearish cycle, this may not be the case.
Aerodrome financing (AERO)
AERO, the governance token of Aerodrome Finance, an automated market maker (AMM) and decentralized exchange (DEX), has emerged as one of the top-performing cryptocurrencies in 2024.
Built on the Base network, AERO gained significant traction due to the widespread adoption of the Coinbase Layer-2 solution.
Furthermore, the token’s rise was amplified by a key development: Binance listed AERO in its perpetual market. This listing significantly increased liquidity and accessibility, contributing to a staggering 1,981% annual price increase.
Currently, AERO price is $1.47, and the daily chart shows significant support around $1.05. Despite that, the moving average convergence divergence (MACD) has fallen into the negative region.
This drop indicates bearish momentum around the token. If the momentum remains bearish, AERO price could fall to $1.07 in the near term. Failure to defend the $1.05 support could make things worse as the value could fall to $0.89.
Daily analysis of airfield finances. Source: TradingView
On the other hand, if the bulls defend the $1.05 support, the trend could change. In that regard, the altcoin could rise towards $3.
AIOZ Network (AIOZ)
AIOZ is ranked 5th on the list of best performing coins of 2024. Year to date (YTD), AIOZ price has increased by 624.40%. This price increase could be related to the project’s fundamentals around Artificial Intelligence (AI) and the Decentralized Physical Infrastructure Network (DePIN).
Both AI and DePIN have remained strong as one of the strong narratives of 2024. Therefore, a combination of both sectors ensured that the AIOZ price rose to a yearly high of $1.20.
Despite being one of the best performing cryptocurrencies of the year, the daily chart shows that AIOZ has fallen below the 20-period exponential moving average (EMA) in blue and is about to fall below the 50 EMA (yellow).
Daily analysis of the AIOZ network. Source: TradingView
If the altcoin price falls below the 50 EMA, then AIOZ could face an extended correction to $0.58. On the other hand, an increase above these indicators could invalidate this thesis and the price could rise towards $2.
